Sector movers: Financials gain as emerging-market tensions ease

28th Jan 2014 15:27

Easing concerns over the emerging markets helped the financial sector higher on Tuesday, with stocks buoyed by M&A activity surrounding F&C Asset Management.Fund managers such as Aberdeen and Man Group have fallen sharply in recent sessions owing to their exposure to developing nations after a sell-off in emerging-market currencies. However, risk appetite has recovered slightly today after Turkey's central bank said it would hold an emergency monetary policy meeting to take measures to halt the recent steep slide in the lira. Aberdeen and Man were up 3.3% and 1.5% this afternoon, respectively.One stock which has not been hit by the recent downside pressure is F&C Asset Management which continued to rise after a takeover bid on Monday from BMO Europe, a division of Canada's Bank of Montreal.The 120p-a-share offer, which values F&C at £708m, sent the stock sharply higher yesterday given its 30.5% premium to Friday's closing price. Management recommended the deal to shareholders today, giving the stock an extra boost, with Chief Executive Richard Wilson saying that it "represents a unique opportunity to broaden and accelerate our ambitions". The share price was up 6%.Hargreaves Lansdown recovered after a yesterday's slide following the news that Barclays Stockbrokers became the latest platform to undercut the financial services group's fees.Close Brothers was also higher this afternoon as sentiment continued to recover following a poorly-received second-quarter update on Friday.Ashmore, London Stock Exchange and Rathbone Brothers were also in demand today.Top performing sectors so far todayIndustrial Transportation 3,250.02 +3.25%Construction & Materials 4,488.46 +2.71%Automobiles & Parts 9,207.30 +2.66%Financial Services 7,548.91 +1.92%Life Insurance 6,777.83 +1.92%Bottom performing sectors so far todayTobacco 33,946.09 -0.99%Industrial Metals & Mining 1,170.47 -0.90%Food & Drug Retailers 4,263.89 -0.47%Beverages 13,779.70 -0.32%Oil & Gas Producers 7,860.00 -0.18%BC